When we look back on the financial and technological shifts that have occurred in recent decades, one of the trends that will likely stand out above others will be the technology-powered democratization of finance.
In the past few years especially, trading apps have allowed people from all walks of life to access financial markets and trade real financial products like never before, without the need of a Wall Street broker. In fact, some of the biggest headlines from the past year, such as the rise of r/WallStreetBets and the GameStop gold rush, would not have been possible if it weren’t for personal trading apps.
You might have been paying attention to all the buzz and decided that you want to try trading and investing for yourself, as countless others have done in the past year. But how do you choose the right tool for trading? Read this guide to find out.
Consider your trading needs
This might be the most important factor to consider when choosing a trading app. There are thousands of apps out there, each designed with certain types of investors in mind. As a beginner investor, you might want to stay clear of “expert” apps or those that largely sell niche, complex financial products.
Instead, you might benefit from opting for a CFD broker. CFDs allow you to speculate on the price of a popular asset such as Tesla stock without having to go through the trouble of owning the stock outright. In this instance, you could opt for a dedicated CFD trading app such as Infinox, which is highly trusted and well-regulated to keep you safe.
Regulation is key
Speaking of regulation, make sure to check how any trading app is regulated before you even consider creating an account. The regulations that a trading app is bound by will affect your safety when using the product.
Check which country or countries an app is registered in, and then look at the financial authority for that country. Apps that are licensed and regulated in jurisdictions with strict consumer protection laws for traders, such as the UK and EU, are a great place to start.
What insights are on offer?
A trading app is not just a tool you use to physically purchase financial products on the open market. They should also offer insights and data to help you make more informed, empowered investment decisions. Make sure that any app you are considering offers the kind of information you need to put together your desired strategy.
For some, this might consist of in-depth analyses of stock performances or daily news updates on relevant currency markets. For others, this might consist of much deeper analyses, such as candlestick charts and oscillators. Always check that your trading app can give you the information you are looking for before you download it.
These days, trading apps are a staple product on smartphones around the world. If you are planning on joining the ranks of the millions of people who are already trading via their smartphones, make sure to consult these criteria before you make a decision.
